ltd co thresholds changing??
Discussion
I haven't been trying to disparage other accountants.
I am just surprised that so many PHers who have (or should have) accountants seem to admit to not being aware of mportant, but often basic, tax issues. It does make me wonder
a) what adice they ARE getting from their accountants or
b) if they have a problem with asking advice from their accountants.
>> Edited by Eric Mc on Thursday 2nd March 07:59
I am just surprised that so many PHers who have (or should have) accountants seem to admit to not being aware of mportant, but often basic, tax issues. It does make me wonder
a) what adice they ARE getting from their accountants or
b) if they have a problem with asking advice from their accountants.
>> Edited by Eric Mc on Thursday 2nd March 07:59
But Eric you are most PH'ers accountant, you're too good for your own good.
In my defence as I'm the one that didn't know about the company paying the 19% dividend tax, the ltd company we have turns over so little that it doesn't justify an accountant and as yet we have never drawn any (personal) money from the company so it's never cropped up before.
We all learn somehow.
John
In my defence as I'm the one that didn't know about the company paying the 19% dividend tax, the ltd company we have turns over so little that it doesn't justify an accountant and as yet we have never drawn any (personal) money from the company so it's never cropped up before.
We all learn somehow.
John
Honestly?
I truely cannot believe that ANY limited company can be looked after properly WITHOUT a suitably qualified accountant being involved.
Not only from the complicated interaction of Income Tax/Corporation Tax etc but also from the Companies Act compliance and reporting requirements and the preparation of the accounts to the accounting standards as set out by the relevant accounting bodies.
I truely cannot believe that ANY limited company can be looked after properly WITHOUT a suitably qualified accountant being involved.
Not only from the complicated interaction of Income Tax/Corporation Tax etc but also from the Companies Act compliance and reporting requirements and the preparation of the accounts to the accounting standards as set out by the relevant accounting bodies.
Ok a slight fib.
We have a friend of a friend prepare the actual accounts. He's quite happy to do them for a very small fee because they are so simple but he's not what I'd class as 'our' accountant that we can turn to whenever we want to ask something.
As for the Companies house stuff, that's not so tough.
The ltd company is very much a side line at the moment so there's no complex accounting to do or payroll etc, very very simple.
John
We have a friend of a friend prepare the actual accounts. He's quite happy to do them for a very small fee because they are so simple but he's not what I'd class as 'our' accountant that we can turn to whenever we want to ask something.
As for the Companies house stuff, that's not so tough.
The ltd company is very much a side line at the moment so there's no complex accounting to do or payroll etc, very very simple.
John
You are ptobably lucky these days in that no one at Companies House really understands company law any more 
I am not altogether joking. I have seen accounts which were deplorable NOT rejected by Companies House. In one firm I worked in, one of the partners was so amazed that Co House had NOT rejected a set of sub-standard accounts submitted by a so-called rival firm of accountants that he wrote to Co House to complain. They duly rejected the accounts and wrote an apology to our firm. They also fined the client for the accounts being subsequently late.
It makes my blood boil to be honest. People like me strive to fulfill all the legal and tax obligations and then the authorities who are supposed to enforce the regulations accept accounts that were incompetently prepared.
I am not altogether joking. I have seen accounts which were deplorable NOT rejected by Companies House. In one firm I worked in, one of the partners was so amazed that Co House had NOT rejected a set of sub-standard accounts submitted by a so-called rival firm of accountants that he wrote to Co House to complain. They duly rejected the accounts and wrote an apology to our firm. They also fined the client for the accounts being subsequently late.
It makes my blood boil to be honest. People like me strive to fulfill all the legal and tax obligations and then the authorities who are supposed to enforce the regulations accept accounts that were incompetently prepared.
Eric Mc said:
Honestly?
I truely cannot believe that ANY limited company can be looked after properly WITHOUT a suitably qualified accountant being involved.
Not only from the complicated interaction of Income Tax/Corporation Tax etc but also from the Companies Act compliance and reporting requirements and the preparation of the accounts to the accounting standards as set out by the relevant accounting bodies.
Well we pretty much do
. Apart from the audit that is. But there again we develop accounting/business systems software so we may be a special case. Even companies with fully qualified accountants arent necessarily aware of all the rules on VAT triangulation or what is or isn't allowable for zero rate VAT for a registered charity.I was out too but I checked the Treasury website and it seems that these proposals have been retained in the Budget.
The situation is that small TRADING companies will be charged to Corporation Tax at 19% on ALL their taxable profits from £1 to £300,000. After that, the CT rate jumps to 30%. There will be marginal CT relief for those with profits between £300,000 and £1,500,000.
The 19% Coprporation Tax charge on Non Corporate Distributions ( i.e. dividends to individuals) has definitely been abolished.
>> Edited by Eric Mc on Wednesday 22 March 15:24
The situation is that small TRADING companies will be charged to Corporation Tax at 19% on ALL their taxable profits from £1 to £300,000. After that, the CT rate jumps to 30%. There will be marginal CT relief for those with profits between £300,000 and £1,500,000.
The 19% Coprporation Tax charge on Non Corporate Distributions ( i.e. dividends to individuals) has definitely been abolished.
>> Edited by Eric Mc on Wednesday 22 March 15:24
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